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our recovery
BUDGET 2020
Long-term plan
to grow stronger
PETER GUTWEIN
PREMIER and TREASURER
T
Premier and Treasurer Peter
Gutwein delivers the 2020 Budget.
weak economy
The Budget documents forecast an unemployment rate set to hit 8.5 per cent in 2021,
with government debt ballooning to more
than $4 billion by 2024.
Labor has a vision for Tasmania that will
create good jobs and rebuild our economy.
We have a plan to rebuild the small business sector, and other sectors hard hit by
COVID including tourism, hospitality and
the arts. We will restore dignity and hope to
Tasmanians struggling to keep a roof over
their head by investing in social housing.
And Labor will rebuild the TAFE system
which has been progressively dismantled
and undermined by the Liberal Government.
Labor has a plan to give Tasmanians the
skills they need to get the jobs of the future,
and join the workplaces of today where employers are crying out for staff.
The Budget says a lot about the priorities
of a government. My commitment is that
Labor’s plan for our state will build a better
and fairer Tasmania.
HE challenge we face as we recover
and rebuild from the COVID-19 pandemic has two elements, it is both a
health crisis and an economic one as well.
In the face of the most deadly global pandemic the world has seen in a century, our
response must be proportionate and it must
be strategic.
We entered the pandemic from a position
of strength and used our balance sheet as
an economic stabiliser, delivering the largest economic and social support package in
the nation as a proportion of our economy, at
over $1 billion.
In this Budget we will continue to leverage our strong balance sheet to stimulate our
economy, support our community, attract investment and support jobs through targeted
initiatives and record infrastructure investment.
Over the next four years, this Budget provides for nearly $5 billion of infrastructure
investment to support about 25,000 jobs and
increase aggregate demand right across our
economy.
We will build the intergenerational infrastructure communities need, we’re backing
Tasmanian business, supporting their recovery and growth, and making it easier for
them to employ.
Our substantial infrastructure spend, combined with our strong balance sheet means
that we can go further to invest in essential
services Tasmanians need – into health, education and housing.
We believe that every Tasmanian child deserves the right to a first-class education, and
we are increasing our record investment into
Tasmanian education at $7.5 billion over
four years, delivering new and upgraded
schools, more teachers, and support to give
our kids better opportunities for the future.
This Budget sets ICT infrastructure right
with $135.4 million to support better government services.
To ensure our businesses are incentivised to
hire apprentices and trainees, we will extend
our successful Payroll Tax Rebate Scheme
and Small Business Grants schemes and
broaden these schemes to all industries.
Together with Commonwealth initiatives,
we expect these to support an additional 4000
new full-time jobs for apprentices, trainees
and youth employees.
We will continue to safeguard our primary industries, our trade sector, and position
Tasmania for exponential growth as a global renewable energy powerhouse, generating
billions in investment and thousands of jobs.
To support businesses looking to reduce
their emissions, the Budget includes a $10
million no-interest loan scheme for large Tasmanian greenhouse gas emitting businesses
and industries to trial existing clean technologies or test new innovative production processes that will reduce emissions.
Over $30 million will be invested in waste
and resource recovery initiatives across Tasmania.
The Budget also includes $10 million to
co-invest with the existing waste management
sector in Tasmania to build the infrastructure
needed to collect and sort recyclable waste.
Ensuring that our farmers continue to have
reliable access to water to keep growing,
$168.7 million has been included for Tranches 2 and 3 Irrigation Projects, including $15
million to prioritise the Don Scheme over the
next two years.
We are investing in our emergency services
to keep Tasmanians safe.
We’re with you
Wherever you are.
tasplan.com.au
1800 005 166
TASMANIAN BUSINESS REPORTER, November 2020 3
